Why Virgin Galactic Stock Is Falling Today
Shares of Virgin Galactic Holdings (NYSE: SPCE) fell more than 10% at the open on Thursday after the space tourism start-up announced plans to raise up to $500 million in new debt.
Virgin Galactic made history last summer when it launched founder Richard Branson into space, but the news has been mostly bad for investors in the months since. A combination of technical glitches and delayed timelines has caused the stock to lose nearly 75% of its value in the last six months, and Virgin Galactic now does not expect to commence regularly scheduled tourist flights until late 2022 at the earliest.
Image source: Virgin Galactic.
Source Fool.com
